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Have You Changed the Use of Your Home? Here’s the CRA Election That Could Save You Big: 45(2) & 45(3) Election (Part 7 of Capital Gains series)
Discover how CRA’s little-known 45(2) and 45(3) elections can save homeowners thousands in capital gains tax when converting a home to a rental or moving back in. These elections defer deemed dispositions under Income Tax Act s.45(1) and preserve access to the Principal Residence Exemption (PRE) — in some cases for up to four extra years. Learn how strategic planning with change of use rules can unlock massive tax savings and avoid unexpected bills when selling your property.
Elkhanagry Accounting
Sep 156 min read
“Capital Gains? But I didn’t actually sell that." Deemed dispositions (Part 4 of Capital Gains Series)
Understand deemed dispositions & their tax implications in Canada. Learn when they apply & how to minimize taxes.
Elkhanagry Accounting
Mar 57 min read
HST on the Sale of Short Term Rentals (Airbnb Owners – Be Aware)
This blog post will unpack the latest CRA guidelines and explain the HST implications on a sale of a Airbnb property
Elkhanagry Accounting
Nov 22, 20247 min read
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